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Space Battery Technology Market Size Projected to Reach $6.56 Billion by 2032 Playing a Critical Role in Space Exploration
Globe Newswire 3-Dec-2024 9:30 AM
PALM BEACH, Fla., Dec. 03, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The space battery market is expanding swiftly as improved batteries meet the high-demand needs of space missions with superior energy density, safety, and lightweight performance. The progress of orbital and space exploration presents a substantial market potential for the space battery industry. The need for dependable energy storage solutions is at an all-time high due to increased exploration missions by governmental organizations like NASA and ESA, as well as ambitious projects by private companies such as SpaceX and Blue Origin. These groups are not just centered on sending satellites into orbit but also taking part in exploring the moon and Mars. As these efforts increase, the demand for space batteries that are both efficient and long-lasting, able to endure harsh conditions in outer space, becomes crucial. According to a recent industry report from Introspective Market Research, the Space Battery Market Size Was Valued at USD 3.66 Billion in 2023, and is Projected to Reach USD 6.56 Billion by 2032. The report said: "The market for space batteries is an exciting and quickly growing sector in the energy storage industry, set to be crucial in upcoming space exploration endeavors. Fueled by a rise in space missions from government agencies and private companies, this market is seeing unparalleled expansion. Space batteries are customized to endure harsh environments, ensuring a consistent, lasting energy supply for spacecraft like satellites, rovers, and space stations. Due to advancements in lithium-ion and solid-state technologies, these batteries now possess greater energy densities and extended service lives, rendering them better equipped to handle the demanding requirements of space exploration." Active companies in news today include: KULR Technology Group, Inc. (NYSE:KULR), FREYR Battery (NYSE:FREY), Sunrun (NASDAQ:RUN), Tesla, Inc. (NASDAQ:TSLA), Sidus Space (NASDAQ:SIDU).
Introspective Market Research added: "The space battery market is poised for a promising future brimming with potential. Future space batteries are anticipated to become smaller, more effective, and longer-lasting due to continued developments in materials science and technology. Innovative and new technologies like wireless power transmission and energy scavenging provide substitute ways to support battery systems, safeguarding cleaner and more sustainable energy sources. With ambitious space missions like lunar bases and Mars colonization on the horizon, the need for advanced space batteries will increase, making the space battery market a crucial player in the age of space exploration."
KULR Technology Group, Inc. (NYSE:KULR)Announces Immediate Availability of NASA-Certified M35A Battery Cells for JSC 20793 Packs - KULR Technology Group, (the "Company" or "KULR"), a leader in advanced thermal management and vibration reduction solutions, is pleased to announce the immediate availability of NASA-certified M35A battery cells, qualified for use in JSC 20793-compliant battery packs. These 18650 cells are ready for procurement and represent a critical advancement in KULR's mission to provide rapid access to certified space-ready solutions.
The M35A cells have undergone rigorous validation, meeting NASA's stringent requirements through both initial lot assessment and lot acceptance processes conducted under formal NASA Work Instructions. KULR has enhanced this validation by performing additional screening under WI-37, ensuring the cells meet the highest standards for mission-critical applications. To ensure full traceability, KULR provides comprehensive data from the screening process, along with lot and serial numbers, enabling customers to track each cell from its date of manufacture.
The M35A is a strategic component of NASA's Artemis II mission, recognized for its exceptional cold-weather performance with an energy density of 214 Wh/kg at C/20 and -20°C. KULR is also integrating the M35A into its proprietary 400 Wh K1 Space battery, a cutting-edge solution designed to meet the demands of human space exploration. The K1 Space battery is scheduled for completion in early January 2025, with a formal review by the NASA safety boards to follow shortly thereafter.
In collaboration with NASA, KULR is working towards expanding the Strategic Battery Reserve to include larger-format cells and a broader range of qualified technologies. This initiative will enable faster procurement options and wider accessibility to 20793-compliant solutions for aerospace and defense customers.
"By offering NASA-certified cells and tailored solutions, KULR is committed to accelerating innovation and enabling our customers to meet their most challenging missions," said Michael Mo, CEO of KULR Technology Group. "Whether it's turn-key battery packs, qualification testing, PPR materials, or approved cells, our close collaboration with NASA positions us to deliver unmatched performance and reliability for space applications." CONTINUED…Read this entire press release and more news for KULR at:https://www.financialnewsmedia.com/news-kulr/
In other developments in the markets of note:
FREYR Battery (NYSE:FREY) has recently announced that the Company has entered into an agreement to acquire the U.S. solar manufacturing assets of Trina Solar Co Ltd. (SHA: 688599) ("Trina Solar"). The transaction is subject to certain customary conditions precedent, including receipt of certain third-party consents, completion of the preferred stock issuance to Encompass Capital Advisors LLC and internal reorganization to be completed by Trina Solar and is expected to close around year end 2024.
Under the terms of the agreement, FREYR will acquire Trina Solar's 5 GW solar module manufacturing facility in Wilmer, Texas, which started production on November 1, 2024. The facility is expected to ramp up to full production in 2025 with 30% of estimated production volumes backed by firm offtake contracts with U.S. customers.
Sunrun (NASDAQ:RUN) recently announced that it has expanded its support for the energy grid in Texas with a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla, Inc. (NASDAQ:TSLA). The partnership has already enrolled more than 150 Sunrun customers in an aggregated power program and will scale up enrollments while dispatching stored solar energy from at-home batteries to rapidly increase available electricity reserves on the grid during periods of high consumption.
The ongoing partnership marks Sunrun's first operational aggregated power plant program in the Lone Star State and comes just weeks after Hurricane Beryl caused widespread power outages impacting nearly 3 million homes and businesses. It also comes three years after the state's devastating and deadly power grid meltdown during the winter storm in February 2021. Since both catastrophic events, the Electric Reliability Council of Texas (ERCOT), the state's grid operator, has begun adopting ways to diversify and strengthen the power grid, including through the Aggregated Distributed Energy Resources Task Force.
Sidus Space (NASDAQ:SIDU) recently announced the successful completion of the launch processing of LizzieSat™-2 at the Astrotech Space Operations facility at Vandenberg Space Force Base in California. LizzieSat™-2 has been turned over to SpaceX and is ready for launch on the Bandwagon-2 rideshare mission, which is targeted for no earlier than December of 2024.
LizzieSat™-2 was designed and manufactured at Sidus Space's state-of-the-art facility on Florida's Space Coast. The satellite is equipped with an advanced sensor suite that includes AIS, multi-spectral methane detection, and high-resolution visual spectrum sensors, as well as the HEO Holmes Imager, provided by HEO (USA), a subsidiary of Australian-based HEO. The Holmes Imager is a cutting-edge technology that powers HEO Inspect, an in-orbit satellite inspection platform designed for non-Earth imaging (NEI) and the precise characterization of space objects. LizzieSat™-2 will provide data through a monthly subscription contract for HEO, further demonstrating Sidus Space's role as a leading provider of multi-mission space-based data solutions.
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